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I'm interested in purchasing or refinancing a new or used car.I want to borrow against my home's equity.I want to consolidate my debt and make one monthly payment.I'd like to purchase an RV, motorcycle or other recreational vehicle.I'd like a simple loan that doesn't require collateral.I want to buy or refinance a boat.

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The bottom line

Be a smart shopper and never rush into a major financial decision. Find the best loan and interest rate for your situation. Ultimately, you can save money and avoid last-minute surprises by being well prepared.

Should I consolidate my debts?

You might want to simplify your debt if it exists in numerous places. Calculate what your monthly payment would be with a consolidated loan.

Make your finances easier to manage by reducing your total number of bills

If you're overwhelmed with debt, this option can really help gain more control of your financial life.

There are a number of ways to consolidate debts. You might consider:

Low interest credit cards. If you can obtain a low-interest card, use it to consolidate smaller debts (less than $3,000, for example). To save the most, pay it off during the introductory rate period.

Personal loans. A personal loan offers you a fixed rate and term. If you consolidate your debts with a personal loan and pay it off, then those debts would be eliminated. While you would be able to count on predictable payments, you would not be able to increase the amount of the loan.

Home equity loan. If you have larger debts to consolidate, you can use your home as collateral to secure an installment loan with a lower fixed rate. Consider a home equity line of credit with an adjustable rate if you’d like to have ongoing access to credit for expenses.

Refinancing. If you plan to stay in your home for a time, you can use the cash-out option to pay for your debts and enjoy a lower fixed rate. But you'll need to remain in your home long enough to recoup closing costs.

As you choose whether to consolidate your debts, you'll need to:

Create a long-term debt management plan. Once you've consolidated, you'll still owe the same amount. If you don't pay it off—or if you take on more debt—then you've just added to your debt issues.

Consider the costs. Loans can come with fees, and if you refinance, you'll have to pay closing costs. So weigh the costs carefully before you decide whether debt consolidation is right for you.

Have realistic expectations about low interest rates. Low rates go to consumers with good credit. If you're having problems paying your debts, you may not be able to take advantage of the lowest rates.

Ultimately, debt consolidation is your choice. With the right solution and a careful consideration of the costs, you can simplify your finances and save money.

If you want more advice about how to manage your debt, speak to a nonprofit credit counselor. They can provide you with impartial advice about your specific situation.

1All BB&T home equity lines of credit are subject to credit approval under the BB&T underwriting guidelines including qualifying lines with certain loan-to-value, debt-to-income, FICO scores and other underwriting criteria. Certain other conditions and restrictions such as repayment selection, lien position, line size, loan-to-value, closing costs and other loan guidelines may apply. This offer is limited to owner-occupied, single-family dwellings and is not valid for rental properties, cooperatives, mobile homes or residential lots. Prime Rate is a variable rate based on the Prime Rate published on the first day of each month in the Eastern Edition of The Wall Street Journal. As of October 1, 2018, the Prime Rate is 5.25%. A Texas resident that has financed or refinanced a homestead or home equity in the previous 12 months may not be eligible for another homestead or home equity loan based on state law. These programs may change or end at any time. Minimum line size associated with this rate is $15,000 and the maximum line size associated with this rate is $1,000,000. To receive the discounted introductory rate the client must take an initial draw at closing from the new line of credit of greater than or equal to $15,000. Initial balances of greater than or equal to $15,000 as well as any other outstanding balances on your new line of credit during the first 12 months after loan closing date will be calculated at the introductory variable rate as low as 3.74% APR, which is 1.25% below the current rate of Prime -0.26%. After 12 months, your APR will revert to a standard variable APR of Prime Rate -0.26% (currently 4.99% APR) for the remaining life of the line. The maximum rate that can be charged is 18.00% or the maximum permitted by state law, whichever is less. The advertised rate is assuming the client pays all closing costs at the time of loan closing. The advertised rate will vary if the client chooses for BB&T to pay their closing costs, which is an option in some states if the requested loan amount is ≤$500,000. Other fees may be charged at origination, closing or subsequent to closing, ranging from $0 to $10,000, and may vary by state. If you pay off your BB&T Home Equity Line of Credit within 36 months from the date of loan origination, you may be required to remit any closing costs BB&T paid on your behalf. There is a $50 annual fee in AL, FL, GA, IN, KY, NJ and OH. Property insurance, and flood insurance where applicable, may be required.

Loans, lines of credit and credit cards are subject to credit approval.

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